Term Insurance Plan
A term insurance plan, often known as a term life insurance plan, provides financial protection to policyholders for a set period of time in exchange for a set amount of premium.
The death benefit is provided to the insured person's family if they die within the policy term. Term plans give substantial coverage at affordable premium rates, allowing your family to meet their future needs in the event of your death.
Ideal Parameter for Buying a Term Insurance Plan:
- Check the Claim settlement ratio of the insurer- The term insurance claim settlements gives prospective policy purchasers a clear picture of the insurer. It refers to the % of successful claims paid by an insurer in relation to the total number of claims received in a fiscal year. MGrace Capital Term Insurance Plan provides CSR above 95%.
- Duration of coverage- Term insurance allows you to choose the length of time you pay your premiums. With a term insurance plan, you can select between regular pay and limited pay alternatives.
- Feature of the policy- In comparison to other life insurance products, term insurance provides cheap insurance coverage at low premium rates.
- Premium to be paid- You can choose to pay the Premium Monthly/Quarterly/half-yearly/annually/single as per your convenience.
- Different Option as per life stage and Requirements- Assessing your life goals is a key step in selecting term life insurance. When you get life insurance, your age and financial situation determine which plan is best for you. It has an impact on the policy term and, as a result, the life insurance amount that is most appropriate.
It is advisable that a person must have a minimum of 10 times of Insurance Cover of his current annual income.
| Age | Insurance Cover | Term (years) | Premium Payable ( ) |
|---|---|---|---|
| 30 Years | 25 lakh | 15 | 3,557 |
| 40 Years | 25 lakh | 15 | 6,011 |
For the same insurance cover, the younger person pays lesser premium. the earlier you start the better.
Though term plans the biggest gift that you and your family receive is the freedom financial worries. A term plan enables you to give your family.
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